In 2021, exports from Italy to the rest of the world were valued at $597 Billion USD, making the country ranked No. 7 in terms of exports among 226 countries. Italy also imported goods and services worth $570 Billion USD , according to The Observatory Economic Complexity (OEC). But this article focuses on Italy’s top … Read more
The core reasons why a country might redenominate are to fight high inflation, to simplify accounting, for political reasons, to boost investor’s confidence, to enhance pegging, and to show that a form of monetary reform. In 2007, Ghana redenominated its currency due to inflation. In 2009, the Zimbabwean Dollar was rebased due to hyperinflation. It … Read more
Meaning of multiple exchange rate systems Multiple exchange rate systems refer to systems where a country maintains more than one official exchange rate for its currency. How it works In a multiple exchange rate setup, the apex bank may set different rates for different types of transactions or for different types of goods and services. … Read more
What is the Unification of Exchange Rates? Unification of exchange rate refers to the process through which a country that has multiple exchange rates for its currency consolidates them into a single rate. Unifying the exchange rate seeks to simplify and streamline foreign exchange systems, and it has economic, financial, and sometimes political implications. Nigeria, for … Read more
The Current State of Affairs of USD/NG Dollar to Naira exchange rate at the Importers’ and Exporters’ window closed at $/N747.87 on Monday, September 4, 2023, while it closed at $/N912 at the black market (the unofficial market), the same day. The Background to Dollar to Naira Rate 40 years ago (1983), $1 = N0.724, … Read more
A former Emir of Kano, Muhammadu Sanusi II, has warned that the US Dollar to Naira could fall to N1,500, “if the CBN printed more naira” the way it did during the administration of former President Muhammadu Buhari. Sanusi, who berated how Buhari’s government managed the economy, said experts’ advice was ignored while it borrowed about NGN30 … Read more
Insufficient inflow, the gradual collapse of the production sector, especially agriculture, and the flamboyant political structure are some of the reasons the Nigerian currency is falling and may continue to do so if the government fails to address the core issues. What is the actual value of Naira? For an investor or anyone who wants … Read more
PVS: Definition, Launch Date, and How It Works Nigeria’s apex bank will launch Go- Live of the FX Price Verification System (PVS) on August 31, 2023, it said in a statement Thursday. What is Forex Price Verification System? The Forex Price Verification System is a foreign exchange price verification system designed for importers to have access to … Read more
Foreign currency inward transfer commonly referred to as FX inflow is foreign currencies sent from another country to the other e.g. money sent from the United Kingdom to the United States. For an individual, it is a currency sent from another country to the domiciliary account of a recipient in another country. The most popular currencies … Read more
Takeaways: USD/NGN exchange on GTB FX sales was $/N1,130 on Tuesday, April 16, 2024, as the Naira continued to rebound both at the parallel market and on NFEM. The bank uses the prevailing exchange rate on the Nigerian Foreign Exchange Market (NFEM). This means dom account holders can sell their foreign earnings to the bank … Read more